Pick the 2 correct statements about reviewing your needs and wants.

Question

CHOOSE 2
Needs are essential expenses and wants are non-essential expenses

You cannot overspend on needs as these are essential expenses

Needs and wants may differ from person to person depending on their circumstances

Examples of wants include items that protect your wellbeing, such as medical aid

Examples of needs include petrol and gym memberships

Answer 1

The 2 correct statements about reviewing your needs and wants are:

1. Needs are essential expenses and wants are non-essential expenses.
2. Needs and wants may differ from person to person depending on their circumstances.